Phillips Company acquires all of the outstanding stock of Sylvania Company by issuing 20,000 shares of its own $5 par value stock. The market value of its stock at the date of issuance was $50 a share. Also in conjunction with the acquisition Phillips incurred the following costs: $8,000 in finders fees, $12,000 in legal fees and $10,000 in stock issuance fees. What amount of paid in capital will be recorded for the issuance of the new shares?

a. 0

b. 890000

c. 900000

d. 1,000,000

e. none of the above